Understanding bitcoin, cryptocurrency and especially decentralized blockchain technology is not easy and explaining it can be even harder. That was why I had to start getting creative when I was put to the test by my five-year old friend named Billy, asking me what bitcoin was.
Recently Billy came to a disappointing realisation that his toys aren't really his, that it is in fact his parents who have full control over them. He expressed his understandable concerns and I introduced Billy to a magical place where he could keep his toys safe.
When describing this magical place, instead of spouting out words much too abstruse for a five-year old such as blockchain, bitcoin, cryptocurrency or even technology, I used words and concepts that he understood and resonated with.
Billy is a curious little fellow. He doesn't understand complicated technology or economics yet he will gladly string together a never-ending list of questions about what you say. He's a little self-absorbed like most five year olds but he has a good heart and wants the world to be a better place.
Billy: Francis, I’m so annoyed right now! Mummy and Daddy took away all our toys!! They said they didn’t like how we were swapping our toys for candy from our friends...
Francis: Oh really? Sorry to hear that Billy. Do your parents do that a lot to you and your sister?
Billy: Not really but sometimes they say they are keeping my toys “safe” by placing them on a shelf out of my reach. Then if I want to play with them I have to wait until Daddy gets home and feels like getting them for me. They say the toys are mine but really THEY do what THEY want with them! It’s so annnnoyiiiiing!!
Francis: You’ve got that right Billy, in the end they are the ones who have control over your toys.
Billy: I wish I had a place to keep my toys where only I would decide when to play with them. I wish the world was more fair.
Francis: What if I told you that you could put your toys in a magic train where Mummy and Daddy couldn’t touch them? A safe and secure train which doesn’t stop for anybody but the people who have their toys on it, where you would be the only person who has full control over all of your toys, even Crayzy Godzilla with the dangerously sharp edges Mummy is always complaining about?
Billy: That sounds too good to be true Francis, what is this magical place?
Francis: That sounds like very healthy skepticism Billy!
Billy: What does skeptilism mean Francis?
Francis: Skepticism means that you don’t believe something just because some person tells you it’s true, instead you spend time thinking long and hard about what people tell you to do before doing it. These are going to be very important skills to work on during your magical journey, but more on that later Billy.
Billy: OK so what is this magic train?
Francis: Think of it as a train that doesn’t stop for anybody no matter how powerful they are.
If you learn about the the train and get a secret key to get on it, you can leave your toys in a safe and cold place there. The great thing is that after, no-one else can ever know where your toys are, you are the only one.
It’s just suuuper important that you don’t lose the secret key because if you do your toys are lost forever!
Billy: Wow that’s scary, I will definitely keep my secret key safe!
Francis: Good boy Billy.
Billy: I still don’t really understand how this train works. Who made it? How does it work?
Francis: You know how the purple Knight bus in Harry Potter helps wizards travel but the muggles can’t go on or access it?
Or how Santa Claus drives his reindeer all over the world and no-one can ever see or stop them?
Billy: Sure, I LOVE SANTA!!!
Francis: Great, well Billy, our magic train has powers like Santa’s reindeer. You see, once upon a time a wise man had the idea of creating a new kind of powerful and unheard of magic, one which not only the rich and powerful could get control of, but which anyone could make use of.
This magic is still very new and not very friendly to new users so people who want to use it have to first take time to understand it. But it is getting better and better and has become more and more powerful over the last 8 years because some clever people who are good at maths are working on it very hard.
Almost all people who learn about this magic agree that this it will change the whole world within the next 20-50 years. Other people think this magic is useless, but most of those people don’t spend enough time learning about it.
Also there are very big people who don’t want children to have this magic power.
Billy: But why would anyone want our magic not to work?
Francis: Well Billy, you see our magic does something which no other magic can do yet, it helps all children keep their their toys in a safe & secret place that only they can reach. Right now bigger people like Mummy and Daddy want to keep control over everything you have. They say your things are yours but they can take them away from you whenever they want to. They like having this control over you because people like to have power. This new magic takes the power away from the bigger people and gives it to to the smaller people.
Billy: If this magic is as amazing as you say it is, why isn’t everyone using it already?!
Francis: It’s getting late now Billy but I can answer that question next time. Next time we can talk about the cold places on the train which are the safest places to keep your toys, how important it is to learn about the magic that you’re using, how you and your sister can trade your toys for candy using this train without big people finding out, how the trains get bigger by getting more blocks and how there are actually many magical trains just like the one I told you about!
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I spend all day reading and writing about cryptocurrency because it will change the world as we know it. Below are some of my popular articles.